Cryptocurrency prices rise, Bitcoin surpasses $40,000 after 578 days

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On December 7, according to sources cited by Reuters, discussions between the Securities and Exchange Commission (SEC) and asset management firms applying for spot bitcoin ETFs delved into key technical details, indicating that the agency will soon could approve these products.

Some of these details include regulatory agreements, underwriting and reimbursement mechanisms.

According to internal sources, anonymity was requested as the discussion took place privately. A spokesperson stated that BlackRock did not respond to a request for comment, Invesco declined to comment, and Grayscale noted that they will continue to have constructive contact with the SEC.

On December 8, Bloomberg analyst Eric Balchunas announced on his social media platform that Fidelity's bitcoin spot ETF code has been designated as FBTC and is listed on the United States Depository Trust and Clearing Corporation (DTCC).

On the same day, ethereum core developer Timo Beiko summarized the 176th ACDE meeting on social media. The developers discussed the status of Denchun, the testnet schedule, and how to plan for the next network upgrade.

According to the meeting discussion, Devnet #12 was released last week and almost all customers are using it. Bugs have been discovered and fixed in several clients, including Reth and Lighthouse.

Meanwhile, the development team has prepared a fork testnet and plans to conduct a large-scale shadow fork of Goerli in the coming weeks. The developers unanimously agreed that if all goes well, a Goerli fork date will be set in early 2024 to bring Denchun online in January. It is reported that the last ACDE meeting of 2023 will be held at 22:00 Beijing time on December 21.

At the same time, asset management company VanEck released its top 15 predictions for the crypto industry in 2024.

Specifically, it includes:

The US economic recession is approaching, but the first batch of bitcoin spot ETFs will also be approved. In the first quarter of 2024, more than $2.4 billion may flow into these ETFs to support the price of bitcoin.
The fourth bitcoin halving in 2024 will have minimal disruption to the market and after the halving, bitcoin prices will rise, leading to significant profits for some low-cost miners.
The price of bitcoin will reach an all-time high in the fourth quarter of 2024, which may be due to political developments and regulatory changes following the US presidential election.
ethereum won't outperform bitcoin, but it will outperform major tech stocks. Other smart contract platforms will challenge ethereum's market share.
After implementing EIP-4844, ethereum L2 will capture the majority of EVM-supported TVLs and trading volumes.
nft activities will rebound to all-time highs, ethereum will continue to lead, and bitcoin will gain appeal through the Ordinals protocol. By the end of 2024, the nft issuance ratio between eth and btc will reach 3:1.
Binance will lose its spot trading position and competitors like Coinbase will compete for a leading position. The daily trading volume of the Coinbase futures market can exceed $1 billion.
The market value of stablecoins will reach more than $200 billion, reaching an all-time high.
DEX participation in the spot trading market will reach an all-time high.
Remittances will promote the use of blockchain, and “bitcoin staking” on the Lightning Network provides income opportunities through new, easy-to-use staking tools.
An innovative blockchain game can have more than a million daily players.
Solana is expected to become one of the top 3 blockchains in market capitalization, TVL and number of users.
DePin networks, especially Hivemapper and Helium, will become more widely adopted.
New accounting rules will increase companies' holdings of cryptocurrencies.
Decentralized finance (defi) applications that comply with know-your-customer (KYC) requirements, led by Uniswap, can outperform those that do not, attracting institutional transaction volume and increasing protocol fees.

According to a report published by CoinGecko, more than half of the countries/regions in the world have legalized cryptocurrencies, including 119 countries/areas and 4 overseas territories of the United Kingdom. Europe is at the forefront of global cryptocurrency legalization, with 39 of 41 countries analyzed (95.1%) recognizing its legitimacy.

Furthermore, since the bear market bottomed in late 2022, the proportion of holders who have not transferred bitcoin to the total token supply in two to three years has increased significantly.

Last December, this investor group owned approximately 8% of the token supply, but now it represents more than 15%. Although bitcoin has seen a 165% surge this year, holders who purchased btc between December 2020 and December 2021 did not choose to make significant profits and leave the market.

According to data from Deribit, btc options with a face value of almost $1.399 million and eth options contracts with a face value of more than $458 million will expire and be delivered on Friday, December 7. The maximum pain price for btc is $40,000; The maximum pain price for eth is $2,100, reminding investors to pay attention to market changes.

Trends of major currencies.

bitcoin

bitcoin–btc” target=”_blank” rel=”noopener”>bitcoin price continues to stabilize around the $42,000 mark this week. In the short term, there could be a gradual decline testing the support at $42,015.

Two lofty targets remain at $45,345 and $47,990.

Long-term bullish targets are $120,400 and $128,350, with a medium pullback expected in the first quarter of 2024.

ethereum

ethereum–eth” target=”_blank” rel=”noopener”>ethereum Hit Bullish Price Target of $2,381, reaching a high of $2,382. In the short term, it is expected to test the resistance of $2,381 several times. The possibility of an upward trend is anticipated, with targets at $2,545. Long-term bullish targets are set at $8,000 and $12,300.

HIGH

The Highstreet weekly chart completes a golden cross pullback, closing above the $1,586 level. Breaking the first resistance at $1,882, the next price target for ALTO is $2,233. The deviations on the daily and weekly charts suggest a continued uptrend this week. It is suggested to use a low risk index for building positions for long term profits.

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